Kevin J. Arquit, Esq.
Dear Mr. Arquit:
The Commission has conducted an investigation of possible violations of Section 5 of the Federal Trade Commission Act and Section 7 of the Clayton Act by the consummation of a proposed merger of Pepsico, Inc. and the Quaker Oats Company.
Upon further review of this matter, it now appears that no further action is warranted by the Commission at this time. Accordingly, the investigation has been closed. This action is not to be construed as a determination that a violation may not have occurred, just as the pendency of an investigation should not be construed as a determination that a violation has occurred. The Commission reserves the right to take such further action as the public interest may require.
By direction of the Commission. Chairman Muris was recused.
Benjamin I. Berman